Yes, Haggerty pricing is based on what their collector customers have recently paid for their cars. The newer Turbos are in the price range you state however most are probably bought by non collectors so all the other insurance companies are getting that business.
Debatable is to which reflects reality. It's my opinion that most cars are level one or low 2 if nothing else because their engine, the heart of any Porsche, is level1. Especially when TURBOs are the consideration. Lets be real, a babied a low miles 930 can have broken studs, hard seals, defective valve guides, frozen wastegate and collapsed tensioners from just sitting around. Certainly, even a 30,000 miles TURBO will need at least one, typical more, of what I listed. Now you are talking $8k-10k.

Those are valid, realistic points. Haggerty is going to base these on what their high level collector customers paid, so that in turn those customers won't balk at paying $1500+/year for their insurance. But I think you meant Level 4 or a low Level 3 - level 4 being considered "fair", per Haggerty's descriptions.

I would have rated my '87 as a low Level 2 solely because it had around 115,000miles on it and never an engine rebuild, with emissions and AC stuff off and in a box. The rest of her was in very good condition structurally and visually. That would put it somewhere in the mid-60K range according to Haggerty. Then, to make it real for "regular people/non-collectors" I would drop 10K off that price and say it was worth maybe 55K. Even that seems high considering what I bought it for, but the value has indeed been skyrocketing so who knows? My logic probably doesn't hold any water, though, and besides it's a moot point.

__________________Mark H. 1987 930, GP White, Wevo shifter, Borla exhaust, stock everything else. The result of a massive Pelicanite good will fire recovery effort. Truely an open book, ready for the slippery slopes to modification.